...Parental Support Drives IDRs: Societe Generale Expressbank ADs (SGE) IDRs and Support Rating reflect Fitch Ratings view that there is a high probability that the bank would be supported by its 99.7% owner, SociTtT GTnTrale (SG; Long-Term IDR A/Negative; Viability Rating a-), if required. Strategic Subsidiary: Fitch believes SGE is a strategically important subsidiary of SG and views SGE as part of SGs strategic commitment to the central and eastern European (CEE) region. This has been strengthened by SG's recent strategic plan which has placed renewed emphasis on the area. There is substantial operational and management integration between the two banks, and capital and funding have been made available by SG to SGE to date. Limited Franchise: SGE is a medium-sized bank with market shares of 4.3% and 4.2% of total assets and total deposits of the Bulgarian banking system at end-2013, respectively. Fitch Ratings believes will be difficult for SGE to reach the economies of scale of the larger...
